Superannuation
Vanguard swoops on superannuation

Vanguard's Robin Bowerman says the investment giant's planned superannuation offering will have a place for financial advisers and won't be a strictly direct-to-investor product.

"We are at the start of a journey of entering the superannuation market," Vanguard head of corporate affairs Robin Bowerman said.

"We are under no illusion that it is a lot of work to get a license and then to get a product to the market."

Bowerman said Vanguard will apply to APRA to get a responsible superannuation entity licence. But there is a lot of regulatory and legal work to go through before it files its application.

"One thing to add is that will definitely be looking to work with advisers... we understand the value of advice" he said.

The adviser channel is an important part of how Vanguard has built its Australian business over the last 20 years, he said.

The company's recent approach to market in a superannuation stems from a growth in the fee-for-service adviser market, among other, regulatory reasons, he added.

"It is something we have been looking at for 22 years. Superannuation is a part of the reason why we came to Australia," Bowerman said.

Bowerman did not comment on a timeline for the launch, or the place for external mangers in its superannuation product, saying it's too early.

Bowerman also chairs the SMSF Association's board, replacing Deborah Ralston in October after she stepped down to sit on the panel for the retirement income review, which is due to release a public consultation paper this month.

Read more: SuperannuationVanguardRobin Bowerman
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